Friday 29 June 2012

Types of Investment Trust including REITs

Foreign & Colonial Investment Trust
Foreign & Colonial Investment Trust (Photo credit: bikertect)
Any investor in the UK will most likely come across the term investment trust before too long. As one of the most popular and therefore common of investment vehicles they will be found in most investors’ portfolios. However, the other members of the investment trust family, REITs and Splits, may be less well known. The following article aims to give an overview of, not just what constitutes and investment trust but, the lesser known types of investment trust.

What Constitutes an Investment Trust
The investment trust is a primarily British investment vehicle which falls within the area of investments known as collectives or collective investments. It does so because it provides a fund through which investors pool their money to collectively purchase shares in listed companies (also known as equities or stocks). As such the investors collectively share in the success, or otherwise, of the investment choices made by the expert fund managers who are responsible for running the funds. Under this broader definition they share similarities with other collective investments such as Unit Trusts and Open Ended Investment Companies (OIECs), however they are distinguished by a couple of key features which relate to their respective structures.

In contrast to unit trusts (which are run as funds by investment companies) investment trusts are distinct companies in their own right and they are therefore traded on stock markets in much the same way as a traditional plc. Consequently, they are what is classed as closed-ended as opposed to Unit Trusts and OIECs which are both open-ended. This means that an investment trust will, at any point in time, have a defined and fixed number of shares issued. For a new investor to purchase shares in an investment trust, another investor will have to sell their shares to them. Open-ended investments on the other hand allow investors to add their money to the fund so that the size of the fund grows - in exchange for their money the investor will be issued a number of new units based on the value of the fund’s exiting units.

This key difference also has an effect on the way in which the units/shares are valued. The value of an investment trust’s closed-ended shares are heavily dependent on supply and demand as investors buy and sell shares based upon the success of the funds investment choices. The units of open ended investments however are valued more directly as segments of the overall value of the fund (depending on the success of its underling investments).

Real Estate Investment Trusts
Also known by their abbreviation of REITs, these investment vehicles follow the basic idea of an investment trust in that they are companies specifically set up to invest in property or real estate rather than in other companies’ shares. As they do come under the general bracket of investment trust, UK REITS must be closed-ended and be publicly listed to qualify (although they can be privately held companies in other parts of the world). A specific characteristic of REITs, apart from the fact that they invest solely in real estate, is the requirement that 90% of the income the investment company makes must be re-distributed to its investors. Qualifying as a REIT does have the benefit of reducing the burden of corporation tax and so many investment companies have decided to convert to gain this status within the last decade.

One feature of investment trusts that is particularly salient for REITs is that they are allowed to borrow to facilitate the purchasing of assets and that, in the case of REITs, can mean mortgages being used to buy property assets.

In the next installment of this article we take a quick look at Split Capital Investment Trusts.

© Stuart Mitchell 2012
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Thursday 28 June 2012

The Indian Economy - A Quick Profile

GDP (Gross Domestic Product) PPP (Purchasing P...
GDP (Gross Domestic Product) PPP (Purchasing Power Parity) per capita in the world. (Photo credit: Wikipedia)
Alongside those of Brazil, Russia, China and South Africa, the Indian economy forms BRICS, the group of nations with the fastest growing economies in the world. These nations represent the next generation of economic superpowers, however, India and China in particular are already establishing themselves amongst the largest and most potent industrial powers on the planet.

The Statistics
The considered size of the Indian economy varies depending on which metric is used to gauge it. According to the latest measurements of Gross Domestic Product - a reading of the output of a nation’s workforce - it is currently the ninth largest economy in the world. Moreover, when the figures are adjusted to take into account the true value of wealth in each country and the Purchasing Power Parity variant of GDP (GDP PPP) is used, India’s economy can already be considered as the third largest on the world stage. There is a real disparity however between this collective strength and the prosperity of individuals within the country. When these measurements are looked at per capita, they show that India’s population sit (on average) outside of the top one hundred wealthiest and so, in fact, can be considered one of the poorest populations despite the fact that recent economic success has doubled the hourly wage in last decade.

Growth in the Indian economy has really surged following the liberalisation of trade and employment rules in the early 1990s and a subsequent shift towards more capitalist sensibilities. These policies have essentially unlocked the country’s extensive natural resources, space and land as well as a relatively inexpensive labour force (the second largest work force in the world) who are consequently becoming better educated and more affluent. What’s more this affluent population are, in turn, increasing the size of the internal consumer market and the resultant growth in the Indian economy from all of these factors is now averaging around 7.5% a year.

Economic Sectors
Many in the West may envisage that India’s economy is mostly made up of large manufacturing industries or large scale agriculture. These sectors do play an important role in India’s prosperity, particularly agriculture which accounts for 28% of the nation’s output; making use of the vast tracts of land to produce arable crops. Manufacturing and industry however, perhaps surprisingly, only accounts for 18% of the country’s output despite the fact that some of India’s most prominent businesses and global names operate in these markets as, for example, steel suppliers or car manufacturers. India is indeed the second largest growing car producer in the world and still acts as a major (and growing) force in manufacturing and industry on the world stage.

The dominant sector in the Indian economy, as it tends to be in western economies, is the service sector, accounting for 54% of GDP. The most familiar element of that sector to us in the UK may well be the Indian call centre. Over the last few years, countless European and American businesses have spotted the opportunities to move their support services across to India to take advantage of the lower labour costs, good communications infrastructure and educated talent pool for whom English is a prevalent language. However, India is also a leading light in the information technology industries, proving a real challenger to the US as the global player for third party IT services; not to mention possessing established and well developed financial services and banking industries.

For some, the growth in economies across Asia, particularly those of China and India mean that can be considered the right time to investigate investment opportunities, such as Asian Investment Funds, whilst the European investment markets continue to suffer the effects of the recent economic troubles. The Indian economy is certainly on course to become, if it isn't already, one of the most prominent in world trade.

© Stuart Mitchell 2012
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The Currencies of Asia’s Leading Economies

English: Japanese Yen and Chinese Yuan signs
English: Japanese Yen and Chinese Yuan signs (Photo credit: Wikipedia)
Asia is home to many of the emerging powerhouses of international trade including the second largest economy in the world, China. Economic muscle in Asia continues to grow whilst markets elsewhere in the world get to grips with the global recession. It is therefore worth being familiar with not only its largest economies but in particular their official currencies.

China
The official currency of the Peoples Democratic Republic of China is the Renminbi (translated as the ‘peoples currency’). The currency is controlled by the People's Bank of China and is used throughout the country, with the exception of the semi autonomous city states of Macau (Macanese pataca) and Hong Kong (Hong Kong dollar). The currency is also used unofficially in Mongolia and areas of Burma.

The primary unit of the Renminbi is the yuan with one yuan, ¥ 1, being made up of 10 jiao or 100 fen. The term yuan itself derives from the name for a small round coin and shares this derivation with the similarly titled currencies of Japan and South Korea (see below). Legal tender in China includes coinage from ¥ 0.01 to ¥ 1 and bank notes from ¥ 0.1 to ¥ 2.

In pound sterling, one yuan is currently worth around £0.101 although the currency’s use in international trade markets is still taking its first tentative steps.

India
India’s official currency is the Indian Rupee which is again used elsewhere unofficially including areas of neighbouring Bhutan and Nepal. The currency is issued by the Reserve Bank of India whilst the rupee’s symbol, ₹, is relatively new and only came into use in July 2011 following a public competition to redesign it.

One rupee, ₹ 1, is theoretically divided into 100 paise, however due to the low value of a paisa, the smallest unit of legal tender in India is actually (the) 50 paise (coin). India’s coinage extends up to 10 rupees and its notes range from 5 to 1,000 rupees. In pound sterling, one rupee is currently worth around £0.013.

Japan
Perhaps the most known Asian currency outside of the continent is the Japanese yen as a result of it being the third most traded international currency (behind US$ and Euro). The yen is controlled by the Bank of Japan and shares a very similar symbol, ¥, to the Chinese yuan as a consequence of the shared derivation of the term (designating a round coin).

One yen, ¥ 1, can theoretically by divided into 100 sen and 1,000 rin although due to the low value of these denominations they have not been in circulation since 1953. Japanese legal tender now ranges from ¥ 1 to ¥ 10,000 with coinage up to ¥ 500 and notes from ¥ 1,000 upwards. In pound sterling, one yen is currently worth around £0.008.

South Korea
The currency of South Korean is the won and is controlled by the Bank of Korea. As implied above, the won, and its subunit, the jeon, are both derivations of the local words for round coin, a derivation held in common with the yen and yuan of Japan and China respectively.

As with subdivisions of the yen, the won only has theoretical sub units with one won, ₩ 1, equating to 100 jeon. The lowest unit of legal tender in South Korea is a ₩ 10 coin, and the highest a ₩ 50,000 bank note. In pound sterling one won is currently worth less than £0.001.

Russia
Russia straddles (or even encompasses) much of the northern territories of both Europe and Asia and it is therefore a major economic power on both continents. It's official currency is the ruble which is controlled by the Central Bank of Russia. As the currency of the former Soviet Union, the ruble has a historical presence in areas outside of modern Russia and is still used, for example in the disputed territories of Abkhazia and South Ossetia. Currently the ruble lacks an official symbol with a variety of unofficial symbols in use, although the Central Bank of Russia are working on standardising one.

One ruble can be further divided into 100 kopeks, with legal tender taking the form of coins from 1 kopek to 10 rubles and banks notes from 5 to 5,000 rubles. In pound sterling, one ruble is currently worth around £0.021.

Some of these Asian currencies, most likely the Chinese yuan (as China embraces international economics), are likely to become almost as familiar to people in the West as the dollar or pound sterling are currently. Asia is guaranteed to play an increasingly prominent role in global finances and trade and so being aware of these markets and their currencies is vital for those looking to ride the wave of Asian success.

© Stuart Mitchell 2012
I'm a small business owner. If you want to find out more about investment opportunities in Asia then visit Asian Investment Funds.
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Wednesday 27 June 2012

A Quick Introduction to the Types of VPNs

Virtual Private Networks or VPNs have become commonplace for millions of users across the world in both their personal lives and their workplaces. In essence they allow computers on separate local networks (LANs) in different locations to connect to each other across the public connections of the internet without anyone else being able to see or intercept the information that is travelling between them.

They are ideal and vital for connecting employees who are working on the move, from home or from satellite office locations as well as private individuals who need to connect with their home networks when they’re out and about. Users can connect to local networks through VPNs from any type of device, whether it be a desktop computer, a laptop, a tablet or even a mobile phone, and from any geographical location as long as they have an internet connection. Some individuals even utilise VPNs to connect to networks in other locations in order to then connect to the rest of the world with the appearance of being in that physical locations.

VPN Technology
In short VPNs work by creating a tunnel to connect the two end points (computers, networks etc) through which all information can travel securely. These tunnels are virtual connections which replace the older physical systems such as the dedicated leased lines that businesses would previously have had to invest in to connect their local networks together.

The virtual tunnels actually involve the sending and receiving of packets of encrypted information which are encapsulated within outer packets. The outer packets are also encrypted and pre-programmed with their source and their destination, and only the destination points are configured to decrypt them. The packets are used in conjunction with authentication measures at each end to ensure that the correct users and devices are accessing the connection. If anyone intercepts the packets as they take their journey across the public networks, they will only be able to determine the firewall/gateway server that they are heading towards, but none of the data contained within them or their final destination on the local network.

Types of VPN
There are three types of VPNs that provide users with the functionality described above and these fall within the two categories: computer-to-network VPNs and network-to-network VPNs.

Computer-to-network VPNs, or remote access VPNs, connect users on individual devices to a remote network via the internet as if their device was actually on the network in situ. The user simply installs software on their machine which creates the secure connection to a gateway or VPN server on the local network. They’re the solution for employees working from home or on the move who need to ‘remote in’ and access work networks, files and systems.

Network-to-network VPNs, or as they are commonly referred to, site-to-site VPNs, in short connect two separate local networks across the internet forming one virtually unified network, using VPN servers on each network rather than software on individual machines. They can be further broken down into Intranet vs Extranet VPNs.

Intranets allow users/employees within the same organisation to log in to a conjoined secure network from multiple office locations. As well as being password protected to authenticate each user, these intranets are usually restricted to only accept connections from the specified networks. They are therefore ideal for businesses which are spread across different geographical sites so that employees can work on the same files, folders and systems seamlessly without having to replicate these on each network or transfer them less securely across the internet.

Extranets work in a similar way, however they are used to provide a common network space for users not just across locations but across organisations. The networks that are connected together are therefore under the control of these distinct organisations and their respective network administrators. The common example would be a secure network accessed by both a supplier and their client. The scope of the virtual network would be more limited so that the organisations don't have access to each other's entire networks and intranets.

© Stuart Mitchell 2012
If you want to find out more about VPNs and how they can be used by enterprise then you can visit VPN UK.
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Tuesday 26 June 2012

A Summary of How VPNs Work

As more and more of us work on the move, from our homes or on personal devices that we bring into the office, it is becoming increasingly important to embrace the technologies behind the VPNs that allow us to ‘remote on’ to our office networks, giving us the freedom to take advantage of these flexible work practices. The following article provides a quick guide to how they actually work.

A Quick Definition
Before doing so however it is worth spending a moment to look at what a VPN is and what it does. VPN is an abbreviation of Virtual Private Network and is a term that covers a whole range of technologies which allow users to securely connect to a network from a remote location via a public network, which, in practice, usually means the internet.

There are broadly two types of VPN. The first can be described as remote access and allows an individual user or device to access a network in another location across the internet. The second can be referred to as site-to-site and involves connecting a network in one location to a network in another.

VPNs are therefore a vital tool for those that are not working in the same physical location as the local area network (LAN) that they need to access or perhaps are in the same location but are using personal devices, as part of the generation of BYOD (bring your own device) generation of employees, which may pose certain security risks if connected directly to the network.

The key feature of a VPN is that they allow communications between separate networks to be secure. That is they allow data to travel between networks without being seen or accessed by those that should not be able to do so. To do this a VPN needs to a) make sure the right people access the virtual network in the first place and b) prevent people intercepting any data as it travels across the internet.

How They Work
To achieve the first of these, the devices at each end need to be authenticated, most commonly using passwords, but also mechanisms such as biometric scanners and digital certificates for the devices themselves. This ensures that a rogue device can’t be set up at either end to intercept data or hack into network, or that rogue users can’t gain access to the (correct) devices and networks.

To achieve the second aim, VPNs create what are termed 'tunnels' across the internet, through which the information can travel out of the reach of prying eyes, or sniffers as they are known. In the simplest sense tunnels involve the encryption of information at one end of the data transfer and then its decoding at the other.

They work by transferring encrypted packets of data across the internet and treating the sending and receiving computers as known devices (with predefined addresses) effectively on the same (albeit disconnected) network. To this end the packets actually comprise of an inner and outer packet. The outer packet has the job of transporting the inner packet across the internet from the gateway server on the sender's network to the gateway server on the receiver's network and therefore only contains information about the gateway servers to which it is going to and from. If sniffers intercept the packets they only see this information and not what data is being transported by the outer packet, or which final computer/device it is heading for, as this is all encrypted. The encrypted inner packet contains the actual data that is being transferred and has further information on the address of the destination computer on the destination network as well as the sending computer on the sending network - both of which have been assigned IP addresses which define them as being on the same virtual (remotely connected) network. The outer packets are decrypted when they reach the VPN server on the destination network and the inner packets are then routed to the correct destination computer.

It is analogous to putting a protective bubble around the encrypted inner packet whilst it is travelling across public networks - sniffers can see where this bubble is going but they can't see what is in it. The bubble can only be peeled away when it reaches its destination network whilst its contents can only be decrypted by the specified destination computer on that network.

There are a variety of technologies that are used to generate and interpret these encrypted packets such as IPSec (Internet Protocol Security) and TLS (Transport Layer Security) as well as a few proprietary technologies depending on the VPN Provider in question but they all have the same purpose and aim: to allow computers to securely join remote networks across open public networks.

© Stuart Mitchell 2012

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Wednesday 20 June 2012

Purchasing Options for Web Hosting - Owning

A typical server "rack", commonly se...
A typical server "rack", commonly seen in colocation. (Photo credit: Wikipedia)
Having looked at the possibilities of buying, or more accurately renting, hosting resource direct from hosting providers, the second part of this article investigates the two hosting channels which involve consumers actually purchasing and owning their own hosting platforms.

In-House Hosting
Perhaps the most apparent alternative to renting server space and services from a hosting provider, especially for larger scale business enterprises, is to host a web site on their own internal IT infrastructure.

This option does mean that the business will not be reliant on third parties for their hosting needs and therefore will not be exposed to the risks of delays or breakdowns in communication that can arise when dealing with external support and maintenance teams. Internal IT administrators can (theoretically) respond there and then when issues occur or a change to the hosting platform is needed and they should be more familiar and sensitive the business’s requirements. With the right expertise they will therefore be able to completely configure their businesses hosting platform to their needs. The approach also has the added benefit that businesses using it can retain more of the value of their investment through the fact that they will own the physical IT equipment as an asset.

However, as mentioned above, this is all dependent on the organisation having the experience and know-how in-house to maintain the hosting platforms. What’s more, businesses, will likely, at any given time, have a limited level of computing resource and may not be able to respond to fluctuations in demand straight away - instead needing to buy in and install extra resource to increase capacity. There is also a risk that this investment into extra resource will leave the business with wastage if demand reduces and they are left with unused computing resources. On the other hand, smaller businesses with lower levels of demand on resource are likely to find the cost of investing in the hardware they need prohibitive in the context of their needs.

Colocation
There is a hosting option which allows clients to keep control of their hosting platform but still benefit from the advantages of a data center location. This option is colocation and in essence simply involves a client renting physical space (rack space) in a data center in which they house their own servers, away from their business’s premises.

Colocation allows clients to invest in, and customise, their own hardware, maintaining the value of their investment, but at the same time taking advantage of the infrastructure that data centers can offer. The resultant benefits include security, protection against damage such as fire, optimal operating conditions in respect of temperature etc and high levels of bandwidth. As implied above, installing cooling systems, high tech security and accessing high bandwidth connections on a business premises for the sole use of the business can prove very expensive, if not impossible; whereas the data center will exploit obvious economies of scale and pass some of those costs onto the client so that they can access these benefits more cost effectively.

In short, purchasing and owning your own hardware can provide the opportunity for complete control and customisation but you will need deep pockets and a high level of expertise to respond effectively to the demands of your site and for those reasons it is not usually the best option for smaller scale clients. Two channels which are more suitable are discussed in the final part of this article.

© Stuart Mitchell 2012
If you want to find out more about the various options that are available from hosting providers then you can visit this provider.
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Friday 15 June 2012

An Introduction To Osteopathy

Cover of "Osteopathy: Research and Practi...
Cover of Osteopathy: Research and Practice
Estimates suggest that around as many as seven million of us visit an Osteopath every year but for those that don’t the ideas behind Osteopathy and its treatments can be easily misunderstood. The following article provides a quick introduction to the profession, its principles and practices, and how it fits into the broader medical world.

What is Osteopathy?
It is important to note that Osteopathy is defined as a complimentary ‘medicine’, that is it should be used in conjunction with traditional empirically driven medical treatments. In itself it is not driven by scientific findings and developments but instead by a set of principles regarding the function of the human body dating from the practices in 1874 of a man called Dr Andrew Taylor Still from Kansas.

At the heart of the profession are the ideas that the structure and function of the human body are inextricably linked, a unbalanced structure cannot function optimally, and that the body has a powerful ability to heal itself. A structure out of kilter can directly or indirectly cause or exacerbate ailments and Osteopathic treatments aim to restore this natural structural harmony allowing the body the chance to heal. It is therefore integral that the body is viewed as an interlinked and unified entity with the musco-skeletal structure of the body providing function whilst being supported by the body’s other organs. As a result Osteopathic treatments can be described as being holistic, not focusing on ailments in isolation.

How is it Performed?
The most common misconception about Osteopathy is that it is simply a treatment for lower back pain. Traditionally, and perhaps most frequently, it does indeed treat bad backs (or more specifically lower back pain as well as aches, pains and strains around the shoulder and neck), however it can in fact be used to treat a myriad of other ailments too from Asthma to period pain.

The principle treatments of Osteopathy are the hands on massage and manipulation of muscles and joints in the body to either realign these structures or to free them up to allow healing to occur effectively. Although treatments can also involve the Osteopath simply advising the patient to engage in beneficial exercises or contrastingly to refrain from any activities which may aggravate an issue. All treatments are in effect administered externally and the practice does not involve intrusive treatments such as drugs or surgery.

Who Practices Osteopathy?
In short Osteopathy is practiced by Osteopaths, however these practitioners can fall into two camps; those that are also fully qualified physicians and those who strictly practice Osteopathy (and are therefore not fully trained medical practitioners). Qualifications can now be obtained to both Bachelor and Masters degree levels, although these qualifications do not permit the individual to prescribe medicine.

In the UK, Osteopathy treatments have been practised since 1917 having been brought from America by a pupil of AT Still, John Martin Littlejohn. It was in 1993 though that it was recognised as a fully self regulated medical profession and as a result anyone calling themselves an Osteopath nowadays must be qualified to a set level and registered with the governing body, the General Osteopathic Council (GOsC) - much as the equivalent for Dentistry for example. This ensures a level of service but most importantly public safety. There are currently 4,000 such Osteopaths in the UK who are permitted to practice.

Osteopathic treatments can be accessed in the UK through the NHS but it is rare to get this funding due their limited empirical support. Most Osteopaths treat patients within the private healthcare sector and although many choose the treatment of their own accord, patients can have and often do have the treatment recommended by GPs.

Depending on the condition, there are certainly benefits to be had by seeking Osteopathic treatment but it is essential to check that any practitioner is fully qualified and regulated by the GOsC before receiving any such treatment.


© Stuart Mitchell 2012
If you want to find out more about whether Osteopathy is right for you then you can visit Osteopathy London.
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Tuesday 12 June 2012

A Guide to the 5 Biggest Towns in Wiltshire - History

view of Salisbury, United Kingdom
view of Salisbury, United Kingdom (Photo credit: Wikipedia)
The second part of this series of articles profiling the five biggest towns in Wiltshire, looks at the potted history of each and how they came to be the places that we know them as today.

Swindon
The old town of Swindon, most likely named after the swine (pig) dun (hill), was originally founded as a Saxon settlement and remained a relatively small rural market town on its hill top until the advent of the industrial revolution. Its transport links have been key to its growth, first with the building of the Wilts and Berks & North Wilts Canals in the early 18th century, shortly followed by Brunel’s Great Western Railway and latterly the M4 from London to Bristol and South Wales.

Isambard Kingdom Brunel’s Great Western Railway has perhaps been the most important factor in Swindon’s development as he chose a site just outside of the old town for his primary railway works on the key line between London, the country’s second port of Bristol and the key industrial towns of South Wales. The works spawned a surrounding village (or new town), to house and service the workers, and this settlement grew and eventually merged with the old town on the hill at the beginning of the 20th century to form the modern Swindon. The railway works remained the largest employer in the town, with upwards of 10,000 workers, until the middle of the 20th century and this manufacturing tradition lives on today albeit with its focus shifted from rail to road.

Salisbury
The city of Salisbury began life as the Iron Age hill-fort settlement of what is now known as Old Sarum (previously known by the Saxons, Romans & Normans as Searesbyrig, Sorviodunum and Seresberi/Salesberie) which sits about two miles from the modern town centre. The fortunes of the settlement fluctuated through the ages from an important pre-Roman regional centre, to a key Roman garrison and transport hub en route from London and Silchester to Dorchester and Exeter, to a Royal Norman base and religious center. Indeed, under the Normans, the small walled town prospered with Royal patronage and took on the Bishopric from nearby Sherborne leading to the building of the city’s first Cathedral on the hill top.

The pressures of growth within such a confined setting, however, and the inevitable conflict between its religious and military powers, led Bishop Poore to seek a new location for his Cathedral in the early 13th century. Work therefore began on building a new medieval town, complete with Cathedral, Cathedral Close and grid-planned street system in the valley below Old Sarum, in the more fertile meadows on the banks of the River Avon. According to legend the site for the new Cathedral was chosen after an arrow was fired from the ramparts of Old Sarum into the valley.

For many centuries after its rebirth, Salisbury or New Sarum was one of the ten biggest and most important cities in England and a center for market trade, culture and education (particularly religious education). However, it failed to ride the wave of industrialisation that spread through much of the country in the 18th, 19th and 20th centuries and was left behind by the development of prosperous new towns such as Swindon.

Trowbridge
The exact beginnings of Trowbridge are unclear but the settlement was founded on the River Biss on the site of a bronze age settlement sometime before the 10th century AD, most likely named after the site of a bridge either near a tree or near the settlement of Trowle. In the 12 century its importance warranted a Norman motte-and-bailey castle. With its rural location en route to the major port of Bristol, the town became a center for the wool industry from the 13th century onwards and in the 17th century industrialised its textile production to become one of the biggest textile centres in the country for the next two hundred years with over 2,000 factories at its height. However, the 19th century saw a decline in its prowess with the last remnants of the industry eventually transforming into the the manufacturing of bedding.

Trowbridge today is perhaps best known as the county town of Wiltshire. It took on the mantle as the administrative center of the county in 1889 due to the practicalities of its central location between the two largest settlements of Swindon in the north of the county and Salisbury in the south.

Chippenham
The settlement that we now know as Chippenham, dates from, at least, the Roman period and sat on a crossing of the River Avon (Bristol Avon). In the Saxon era the settlement grew in status (if not size) and became particularly important to King Alfred of Wessex as a royal hunting lodge. It was at Chippenham that both his sister, to the King of neighbouring Mercia, and his daughter married, whilst it also bore witness to the surrender of the Danes after Alfred halted their progress into Wessex.

During the medieval period Chippenham first became an important market town due to its location in a predominantly rural area with good transport links, and later another center for wool production. The towns progress into the industrial and modern eras was boosted by the arrival of the Wilts & Berks canal at the turn of the 19th century and then the Great Western Railway fifty years later, providing it with a location on the main London to Bristol arteries.

Melksham
The town of Melksham began life as a Saxon and Norman royal estate. Throughout the the medieval period the estate changed hands from the control of the Abbey at Amesbury, to the king and then various members of the nobility, including the Seymour, Brouncker and Long families, concluding with Viscount Long at the start of the 20th century. In the early 19th century coal prospectors stumbled across two springs in the town and Melksham’s first spa was opened as a result. However, due to its proximity to the far more established spas at nearby Bath the town never quite prospered as a spa resort.

For one of the country’s most sparsely populated counties, Wiltshire can still boast as very rich history that takes in a wealth prehistory, medieval prosperity and industrialisation. The final part of this series of articles will mention some of the lesser known facts about each town and some of the attractions that this rich history has left them with.

© Stuart Mitchell 2012
If you want to find out more about legal services that are available in the Wiltshire area then visit Solicitors Melksham.
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Monday 11 June 2012

A Quick Guide to ‘Gay Marriage’ in the UK

A symbolic marriage cake in favor of allowing ...
A symbolic marriage cake in favor of allowing gay marriages in Italy not only to heterosexual couples but to lesbian and gay ones as well. Picture by Giovanni Dall'Orto, January 26 2008. (Photo credit: Wikipedia)
The topic of same-sex marriage, or gay marriage as it is more colloquially referred to, is very much on the public agenda following President Barack Obama’s recent public backing for its legalisation and the current consultation being carried out here in the UK by the coalition government. It is therefore an apposite time perhaps to take a look at the status of same-sex unions in the UK.

The Legality of ‘Gay Marriage’
Gay marriage is still not legally recognised in the UK, whether it be a civil gay marriage or a religious one. There is currently no circumstance in which members of the same gender can be legally married, even if one member of the partnership has undergone gender change. The incumbent coalition government have pledged to investigate legalising gay marriage for England and Wales before the next general election and as mentioned above there is an ongoing consultation process to achieve this; as there is in Scotland under the Scottish National Party’s leadership. The political and social landscape is fast evolving on the issue with the Conservative and Labour parties joining the Liberal Democrats in supporting its legalisation since the last election, seemingly reflecting increasing public support for the idea. As a result it looks increasingly likely that civil gay marriages will be legally recognised across the UK within the next couple of years.

Until then the only option open to same-sex couples looking to formalise their relationships is that of civil partnerships.

Civil Partnerships
Civil partnerships have been in place in the UK since 2005 allowing same-sex couples to obtain the same legal recognition that mixed sex marriages benefit from. They have, however, been kept legally distinct from marriage and cannot be referred to in any context using the term “marriage” (although they often are colloquially). Even individuals undergoing gender changes are required to dissolve their marriage before doing so, as mentioned above, although they are given dispensation to enter a civil partnership the same day.

Couples in a civil partnership therefore enjoy the same legal rights and responsibilities bestowed upon each member of the union as those in both civil and religious marriages. These incorporate the financial implications surrounding tax (including inheritance tax exemptions) and the calculation of benefit entitlements and pensions, in addition to the fact that same-sex civil partners enjoy the same property rights as married couples, recognition in life assurance policies as well as the status of next of kin in, for example, medical scenarios. Moreover, the partner who is not the biological parent of a child in a civil partnership has the ability to apply for full parental responsibility akin to that of step parent in a marriage, whilst couples who are unable to have biological children also have the same rights as married couples to adopt (except in Norther Ireland).

There are further similarities between the concepts of marriage and civil partnership in regard to how individuals can enter into their union. With both, they must be over 16 years of age and cannot already be married or in a civil partnership at the time. Civil partnership ceremonies can even be conducted in religious venues although akin to civil marriages they can’t involve any religious elements (readings, music etc) during the ceremony itself.

What’s more, if a couple come to the stage where they wish to separate, although the process is not technically referred to as a divorce, instead a dissolution, it is a comparable process (barring the ability to use adultery as a sole reason for dissolution). As a consequence of the equivalent financial and legal entanglements involved with civil partnerships, those wishing to do so will need to resolve the same issues when they do dissolve their partnership and can be faced with the same responsibilities such as child maintenance going forward. Couples can even decide to draw up prenuptial agreements just as they would for a marriage to aid with these resolutions if the time comes.

All these similarities lead many to refer to civil partnerships as “marriages by any other name” and as is the case with conventional marriage any good family law firm should be able to guide you through the processes involved in entering into as well as dissolving a civil partnership in that eventuality.

© Stuart Mitchell 2012
If you want to find out more about the legal aspects of civil partnerships in the UK, including their dissolution, then you can visit Family Law Solicitors London.

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